C3.ai (NYSE:AI) Stock Price Down 5.1% - Here's What Happened

C3.ai, Inc. (NYSE:AI - Get Free Report) shares dropped 5.1% during trading on Friday . The company traded as low as $31.35 and last traded at $31.60. Approximately 1,868,383 shares were traded during mid-day trading, a decline of 55% from the average daily volume of 4,160,399 shares. The stock had previously closed at $33.30.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on AI. KeyCorp lowered C3.ai from a "sector weight" rating to an "underweight" rating and set a $29.00 price objective for the company. in a report on Thursday, December 19th. Piper Sandler raised their price objective on shares of C3.ai from $24.00 to $42.00 and gave the company a "neutral" rating in a research report on Tuesday, December 10th. JMP Securities boosted their target price on shares of C3.ai from $40.00 to $55.00 and gave the stock a "market outperform" rating in a report on Tuesday, December 10th. Needham & Company LLC reissued a "hold" rating on shares of C3.ai in a research note on Tuesday, December 10th. Finally, Northland Securities lifted their price target on shares of C3.ai from $35.00 to $45.00 and gave the stock an "outperform" rating in a research report on Tuesday, December 10th. Five equities research analysts have rated the stock with a sell rating, five have issued a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus price target of $35.00.

C3.ai Stock Down 2.6 %

The firm has a 50-day moving average of $34.61 and a two-hundred day moving average of $28.66. The stock has a market capitalization of $4.19 billion, a price-to-earnings ratio of -14.67 and a beta of 2.00.

Insider Activity

In other C3.ai news, Director Jim H. Snabe sold 499,700 shares of the business's stock in a transaction that occurred on Tuesday, December 17th. The shares were sold at an average price of $43.05, for a total value of $21,512,085.00. Following the completion of the sale, the director now directly owns 10,000 shares of the company's stock, valued at $430,500. The trade was a 98.04 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Richard C. Levin sold 12,000 shares of the firm's stock in a transaction on Thursday, January 2nd. The shares were sold at an average price of $34.80, for a total transaction of $417,600.00. Following the transaction, the director now owns 161,664 shares in the company, valued at $5,625,907.20. This represents a 6.91 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 668,721 shares of company stock worth $28,425,151 in the last 90 days. Company insiders own 33.54% of the company's stock.

Hedge Funds Weigh In On C3.ai

Several hedge funds have recently bought and sold shares of the business. American Century Companies Inc. boosted its stake in shares of C3.ai by 2.1% during the 2nd quarter. American Century Companies Inc. now owns 21,447 shares of the company's stock worth $621,000 after acquiring an additional 432 shares in the last quarter. Victory Capital Management Inc. grew its holdings in C3.ai by 3.4% during the third quarter. Victory Capital Management Inc. now owns 14,078 shares of the company's stock valued at $341,000 after purchasing an additional 457 shares during the last quarter. Principal Financial Group Inc. grew its holdings in C3.ai by 4.3% during the second quarter. Principal Financial Group Inc. now owns 11,165 shares of the company's stock valued at $323,000 after purchasing an additional 462 shares during the last quarter. Rhumbline Advisers raised its position in shares of C3.ai by 0.5% in the second quarter. Rhumbline Advisers now owns 125,344 shares of the company's stock valued at $3,630,000 after purchasing an additional 572 shares during the period. Finally, EP Wealth Advisors LLC lifted its stake in shares of C3.ai by 5.9% in the second quarter. EP Wealth Advisors LLC now owns 10,840 shares of the company's stock worth $314,000 after buying an additional 601 shares during the last quarter. 38.96% of the stock is owned by institutional investors and hedge funds.

C3.ai Company Profile

C3.ai, Inc operates as an enterprise artificial intelligence (AI) software company in North America, Europe, the Middle East, Africa, the Asia Pacific, and internationally. The company provides C3 AI platform, an application development and runtime environment that enables customers to design, develop, and deploy enterprise AI applications; C3 AI Ex Machina for analysis-ready data; C3 AI CRM, an industry specific customer relationship management solution; and C3 Generative AI Product Suite that enables to locate, retrieve, and present information.